Statement of Joshua Martin, Director, EPN-North America, on the vote for final adoption of U.S. Securities and Exchange Commission Rule 30e-3 and the modernization of fund disclosure delivery:
The Environmental Paper Network supports the efforts of the United State Securities and Exchange Commission to modernize the delivery of fund reports and the final decision to adopt Rule 30e-3. By taking a common-sense approach and reversing delivery from paper statements by default to electronic delivery with opt-in choices for paper, 30e-3 will provide significant environmental impact savings while continuing to offer investors clear, straightforward options to continue receiving paper reports when necessary or desired. Investors who prefer to receive the full reports in paper may—at any time—choose that option free of charge.
The fund industry is estimated to mail 240 million shareholders reports each year, at an average of 114 pages each, using an estimated equivalent of wood from 1.87 million trees. Rule 30e-3 will provide dramatically more efficient paper usage, will significantly reduce impacts on landfill waste from discarded paper, and will reduce resources associated with processing, printing and transportation. This avoided paper usage reduces greenhouse gas emissions, water consumption and pollution, air pollution, wood use, energy use, and solid waste in the United States.
When purchasing paper and mailing statements that have been requested, all parties should at minimum follow the post-consumer recycled content baselines designated in US EPA’s Comprehensive Procurement Guidelines for Federal Purchasing. Further guidance on identifying leadership environmental paper products can be found in the Environmental Paper Network’s Paper Steps and the Canopy EcoPaper Database.
The Environmental Paper Network encourages investment companies to use these cost savings to benefit consumers as stated in their letters to the SEC on this matter, to pursue socially and environmentally responsible investments and to further reduce their own environmental footprint and paper use efficiency.
Media Contact: Joshua Martin, 1-828-251-8558 ext. 1
The Environmental Paper Network is an international collaborative project of 145 organizations in 36 countries who share a common vision of a forest, pulp and paper industry that contributes to a healthy, just and sustainable future for all life on earth.